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The now-defunct education authority said it had “no power” to exempt an adviser from sitting the exam but had referred any adviser it knew to be experiencing mental health issues to their licensee or industry association for support.
There is an expectation that the total number of advisers will drop to 17,200 in January, and thereafter to between 15,000 and 16,000.
The net change in adviser numbers between 23 December and the second week of January was 603, with that number expected to grow further in the weeks ahead.
Just because experienced advisers may no longer need to fulfill the education requirements does not mean they should avoid it as extra study can help boost client trust.
Despite the Your Future, Your Super performance test’s focus on fees and performance, superannuation funds need to focus on retirement outcomes and benefits for members, according to Mercer.
